Tag: esg
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BlackRock CEO seeks firm’s removal from Texas prohibited asset manager list
BlackRock CEO Larry Fink petitioned Texas elected officials to remove the firm from the state’s prohibited asset manager list at an energy investment summit on February 6. BlackRock has not been eligible to manage public assets in Texas since August 24, 2022, when Texas Comptroller Glenn Hegar (R) released a list of companies and funds…
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Missouri Democrats continue pushback against rule opposing ESG
Missouri Secretary of State Jay Ashcroft (R) published a rule last July restricting the use of ESG in public investment strategies. The Securities Industry and Financial Markets Association (SIFMA) filed a lawsuit in August claiming that the regulation conflicted with federal law. Judge Stephen R. Bough of the U.S. District Court for the Western District…
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State agriculture commissioners join ESG pushback
Agriculture commissioners from 12 states sent a letter on January 29 to the heads of six banks, arguing that ESG efforts to promote net-zero carbon policies would hurt farmers and inflate consumer food prices. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments…
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State attorneys general continue pushback against federal ESG labor rule
Attorneys general from 26 states are opposing the implementation of the U.S. Department of Labor’s rule permitting ESG considerations in Employee Retirement Income Security Act (ERISA)-governed pension plans in court. The states filed an appeal late last week seeking to reverse the dismissal of their case. Ballotpedia tracks support for and opposition to the environmental,…
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Proposed labor rule defining requirements for investment advisers receives more than 8,900 comments
The Biden administration on November 3 released a proposed rule aiming to expand the definition of a fiduciary—someone who must act in the best interests of their clients—to include more types of financial professionals in certain situations. The proposal had received more than 8,900 public comments as of December 15. The rule is related to…
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New York Supreme Court could hear case opposing ESG investment by NYC pension plans
Four New York City employees, with the help of nonprofit legal organization Americans for Fair Treatment, filed a lawsuit in May opposing New York City pension plans’ environmental investment considerations. The court, according to E&E News, could be the first to hear a legal claim against investment managers who consider ESG. Ballotpedia tracks support for…
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Pensioner sues Oklahoma over ESG restrictions
Former Oklahoma state employee Don Keenan is suing the state, alleging that the Oklahoma law prohibiting state contracts with financial firms that boycott oil, gas, and other types of companies violates the U.S. Constitution and federal law. Keenan says he thinks oil and gas are important economically but argues the law, in his view, imposes…
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Oklahoma pension system pushes back against treasurer’s ESG opposition
The Oklahoma Public Employees’ Retirement System (OPERS) recently voted to continue contracting with BlackRock and State Street—the managers of most of the state’s pension assets. Oklahoma Treasurer Todd Russ (R) published a letter arguing against the decision and saying it could violate state laws opposing ESG. OPERS last week responded to Russ’ letter with a…
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State attorneys general appeal challenge to labor department’s ESG rule
The state attorneys general who sued the Biden administration to overturn its rule allowing ESG considerations in Employee Retirement Income Security Act of 1974 (ERISA)-governed pension plans filed an appeal on October 26. The case was previously thrown out in a federal district court. Ballotpedia tracks support for and opposition to the environmental, social, and…
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Senators ask Treasury for additional climate finance regulation
The Treasury Department released guidelines on Sept. 19 aiming to promote net-zero finance. The next day, six left-leaning senators, including Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), sent a letter to Treasury Secretary Janet Yellen encouraging her to enact additional financial regulations related to climate and carbon emissions. Ballotpedia tracks support for and opposition to…